Profitable - Judgment Search Results

S.A. Kadre, Excess Profits Tax Officer and Others Vs. Binod Mills Comp ...

Court : Mumbai

Reported in : (1985)47CTR(Bom)171; [1986]157ITR177(Bom); [1985]20TAXMAN407(Bom)

..... the appellate assistant commissioner allowed the appeal and directed appellant no 1 to determine the profit that had accrued to the respondent in the taxable territories in the same manner as ..... proceedings it may be mentioned that the tribunal had given directions regarding the allocation of profits attributable to the taxable territory in accordance with a decision of the allahabad high court .....

Harinagar Sugar Mills Ltd. Vs. Excess Profits Tax Officer.

Court : Mumbai

Reported in : [1984]8ITD788(Mum)

..... appellant authority and was confirmed by the tribunal the excess profit tax reassessment proceedings were initiated after the income tax order ..... necessary nor provided nor time limit for making an excess profit tax reassessment is provided by law the proceedings were not ..... situation or give a proper defence even in the excess profit tax proceedings the assessee could show that the original addition .....

Sandvik Asia Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)14ITD35(Mum.)

..... available to the assessee this ensures that this method regularly followed would give the correct profit the assessee is particularly obliged to adopt this method since it could not substantially increase ..... all are intellectual approaches against the background of the best available facts to ascertain the profit often the theory embedded in any method is absolutely unsupported by the factual details .....

National Agricultural Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)11ITD165(Delhi)

..... the trade or business exceed the expenditure necessary for the purpose of earning such profits or gains profit implies a comparison between the state of a business at two specific dates usually ..... consider all the business expenses which have been incurred by the assessee for earning such profit and such deduction would also include normal depreciation which is allowed even under the general .....

indo Asian Switchgears (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)12ITD65(Delhi)

..... bengal textiles association s case supra towards administrative expenses establishment charges etc under the business profits tax act 1947 the court held that the payment was made by the government to ..... entitlements being a capital receipt or not d the sale consideration received being taxable as profits under section 28 i we have in the preceding paragraphs considered the relevant factual position .....

Pujalal L. Shah, Huf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)13ITD191(Ahd.)

..... he further went on to argue that since the share of profits received by each of the separated members was assessed in their ..... the source of income viz the assessee huf s share of profit from the said three firms which the commissioner appeals took into ..... members had filed returns of income declaring their respective share of profit in the aforesaid three firms and that the assessments were framed .....

Commissioner of Income-tax Vs. Darjeeling Club Ltd.

Court : Kolkata

Reported in : (1984)42CTR(Cal)338,[1985]153ITR676(Cal)

..... and its members and that although the members may make no profit a profit may still accrue to the company the same point arose ..... the club they are not getting dividend out of the profits but the profits are being kept in reserve for the use and the ..... repurchasing drinks or for providing further privileges to the members the profits were therefore entitled to exemption on the doctrine of mutuality 20 .....

Commissioner of Income-tax, Delhi-i Vs. Metal Forging P. Ltd.

Court : Delhi

..... representative urged before the tribunal that development rebate reserve was property debitable only to the profit and loss account of the accounting year in which development rebate was claimed by an ..... earned by the assessed this statue does not contemplate an illusory debit entry in the profit and loss account and a corresponding illusory credit entry in the development rebate reserve because .....

Sterling Foods Vs. Commissioner of Income-tax, Karnataka

Court : Karnataka

Reported in : (1985)47CTR(Kar)157; [1984]150ITR292(KAR); [1984]150ITR292(Karn); [1985]20TAXMAN55(Kar)

..... 93 as regards the aspect emerging from the expression attributable to occurring in the phrase profits and gains attributable to the business of the specified industry here generation and distribution of ..... claim such relief must strictly satisfy the requirements prescribed thereunder he must establish that his profits and gains were derived from his industrial undertaking or the business of a hotel it .....

Gowdar Jayadevappa Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1985)11ITD216(Bang.)

..... more especially the fact that the assessee himself had estimated gross profit of 10 per cent to arrive at the income returned ..... state of the books of account as regards verification of trading profit disclosed etc were materially the same as for the preceding year ..... and therefore there should have been a lower gross profit hence the gross profit estimate should have been lower for the department shri .....